maxine waters At the age of 87, she is plotting her comeback.
The California Democrat, dubbed “Auntie Maxine” by a group of young progressives who previously served in the Trump administration, is set to seek a second term as chair of the House Financial Services Committee if her party wins the majority in November.
That means the committee may soon have its oldest leader in its history as it grapples with technological changes like cryptocurrencies, and as Democrats aggressively seek to increase oversight of the president, his family businesses and his Wall Street regulators.
Waters — who in 2019 became the first woman and person of color to lead the panel — faced virtually no opposition, despite growing calls from Democrats to end Capitol Hill’s enduring gerontocracy. Privately, some Democrats in and around the committee complain that she doesn’t do enough to elevate her members or support them with campaign funds from the finance industry. But few are willing to publicly oppose him, and he has the support of most senior Democrats on the panel. Many of his allies say they are eager to lead the progressive icon in a key fight on the economy ahead of the 2028 elections.
In an interview, Waters rejected the notion that she would not be up to the task.
“If you look at my energy and what I do, I’m Auntie Maxine,” Waters said. “I’m the one who popularized ‘reclaiming your time’. …I don’t know who has more energy, more anxiety. And so, Maxine Waters is doing just fine.”
Waters’ hold on the role reflects the strong power that many older members of Congress hold, despite growing scrutiny of elder politicians who show signs of decline while serving. Unlike Republicans, Democrats do not have term limits for House committee leadership positions. But privately, some Democrats are worried about the prospects of having an octogenarian and soon-to-be nine-year-old in this seat.
The Financial Services Committee is considered one of the most powerful panels in the House, with its vast jurisdiction covering banking, housing, the Federal Reserve, insurance, and crypto.
Waters has shown no signs of slowing down publicly, and lawmakers and aides who work closely with her say she remains sharp and active behind the scenes.
“I firmly believe that when people are clearly past their time, it’s time to have some difficult conversations,” the representative said. shawn casten (D-Ill.), who serves as the Vice Ranking Member for Financial Services. “It’s a mental issue, not an age issue. And I have no concerns that he’s mentally prepared for this job.”
Most other Democrats on the committee agree. Representative. greg meeks The New York official said Waters “hasn’t lost a step” and remains “on top of her game” at the hearing. Representative. Brad Sherman of California, who represents a nearby Los Angeles-area district, said Waters “is still the same person” as when he first met her in the 1980s. And representative. Josh Gottheimera liberal from New Jersey who has broken with Waters on some issues, said she is “still hitting her three-pointer.”
More importantly, Waters has the support of the House Minority Leader Hakeem JeffriesHe is in line to become House Speaker if Democrats take back the House. The New York Democrat said in a statement that Waters “has led the Financial Services Committee with vision, intelligence, passion and skill.”
“It is my hope that such distinguished leadership will continue in the 120th Congress,” he said.
Back home, Waters faces a long-shot primary challenge from nonprofit executive Myla Rahman, who is trying to make the race a referendum on generational change. Waters, one of four California Democrats facing generational challenges this cycle, has represented South Los Angeles for nearly 50 years — first as a state legislator and now in Congress.
“He has done a lot of great things,” Rahman said in an interview. “But we are saying, let’s take the reins and let a new generation of leadership have a seat at the table.”
Asked whether she felt suitable for another two years as chair, Waters pointed to her public appearances at several recent protests, including one “in front of the Department of Education at 19 Degrees”.
Asked if she believed a generational change was needed in her party, Waters responded that she was “a big supporter of the United States Constitution.”
“I believe anyone who wants to run should have the opportunity to run,” she said. “And it depends on how good you are, how much you know, how much you convince people – if you win, that’s how the Constitution works. And that’s how we should think about it.”
In Washington, Waters’ age is not the only focus for her critics. Over the past few years, some House Financial Services Democrats have complained that she takes over the committee’s activities and does not create enough opportunities for rank-and-file members to lead on issues.
A leader must “always take care of his troops first,” said the committee, a Democrat who declined to be named to speak candidly. “I think Maxine has a challenge.”
Other members tell a different story. Representative. stephen lynch Massachusetts said he is “very inclusive” and that delegating issues “has been his strength.”
Waters has a long record of working in committee to pass and enact legislation, and she has won praise from a range of Republican chairs for her willingness to pick venues for dealmaking. but there are stressful moment Where other committee Democrats – liberals and progressives – have complained that their priorities are not being addressed, including in his last term as chairman.
Waters said that she “works very hard with the opposite side of the aisle when bills come up that my members might be interested in to see if we can bridge the differences so they have a chance to move forward – sometimes even if it’s not with a Democratic bill but with a Republican bill.”
“I think I do it well,” she said.
A committee spokesperson for Waters said in a statement that she has “established a strong record of creating opportunities that elevate and empower committee Democrats,” including “establishing task forces, supporting member-led regional hearings to connect with their constituents, hosting roundtables, and pushing legislation that advances legislation.”
Asked about Waters’ legislative track record, the spokesperson pointed to several victories from her previous term as speaker, including a seven-year reauthorization of the Export-Import Bank and legislation aimed at cracking down on anonymous shell companies and money laundering.
Another persistent concern among some Democrats is his approach to fundraising, which has long lagged his peers. According to the most recently available federal campaign finance filings, since the beginning of 2023, Waters has contributed $250,000 to the Democratic Congressional Campaign Committee — a figure well below other members of her party who hold similar positions. During the same period, Rep. richard neal The top Democrat on the House Ways and Means Committee from Massachusetts transferred $990,000 to the DCCC and Rep. Rosa DeLauro The Democratic leader gave a little more than $869,000 on Connecticut’s House appropriations.
Waters’ direct contribution to individual members is also minimal. Since the beginning of 2023, he has transferred funds to only three current members of the committee, and has not transferred funds to anyone since the beginning of the current Congress.
“She should definitely raise more money, and that’s definitely an issue,” said another financial services Democrat, speaking on condition of anonymity that she was otherwise satisfied with her leadership. “It’s something he needs to focus more on.”
When asked about raising money, Waters said he was “very careful about it.” She said she plans to send more cash to members and try to help them in other ways by visiting their districts.
“I want to help them, but I don’t want them to be abused by the big boys with all the money who think they can own us,” she said. “They can’t own me, and I caution my members about being owned by big money boys who would own me if they could.”
For Waters’s colleagues, the watchdog approach to the financial services industry is what they support. Many Democrats liked the idea of returning financial services to a staunch Wall Street critic and battle-tested Trump opponent ahead of the 2028 elections.
“He’s fast, he’s got a great attitude, he’s got a good spirit,” Lynch said. “And I think we need that on that committee because sometimes it becomes billionaires debating with billionaires. That’s what happens under Republican leadership. And Maxine … brings Main Street into the discussion, not just Wall Street.”
